The cash out option

L

Len Madeiros

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How do you guys play this? I think my habits as a punter have adapted since I started betting online. I wouldn’t have had any option to cash out previously, once I’d written out my betting slip and returned home to watch the racing on tv. But it’s different now, of course, and here’s what happened on Saturday.

I did an each-way Canadian at 25p per unit, a £13 bet. First one nowhere. Then 18/1, 4/1, 7/1 winners; I’m then offered £325 to cash out. I was at actually at Sandown for the races, with a few mates. All quite pissed but I did ask the two I respected the most for advice. I was very minded to cash out anyway, and they confirmed that it might be better to do that; particularly given that the last leg was 8/1 in the final race. I did cash out, but I had a saving £25 on the 8/1 shot anyway. Inevitably, Samarrive did win at 8/1, the last leg of a Nicholls’ Saturday treble. So, yes, a great day’s punting on the surface, but I had turned down the chance to win £2,900 by cashing out.

Tbh, I’d probably do similar again, although I think I’d take the partial cash out option if it happened again. But I’d be really interested to hear other’s thoughts on the whole cash out thing, as it’s still something I’m getting used to.
 
I’ve used this before when the first couple of legs of multiples have obliged. Sometimes it’s turned out well sometimes not.

What I try to do is have another think about the last leg or two. Would I back the same horse again based on what I now know about how the track is riding? You may have a different opinion given the multiple was probably placed several hours earlier. That needs to be weighed up considering what cash-out terms are being offered


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I’m of the the belief that I was happy when I struck the bet so I’ll let it run. I can honestly say I’ve never cashed out.

However, I reckon if the first five had won and the last one had drifted like a barge then I might reconsider!!

I read a while ago that even though the odds are heavily stacked with the bookmaker, it’s ultimately the punter who is in charge of cashing out and I think that’s worth remembering. If the cash out money is going to make a difference to you, then crack on I say.


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HopeValleyMatt said:
I’m of the the belief that I was happy when I struck the bet so I’ll let it run. I can honestly say I’ve never cashed out.

However, I reckon if the first five had won and the last one had drifted like a barge then I might reconsider!!

I read a while ago that even though the odds are heavily stacked with the bookmaker, it’s ultimately the punter who is in charge of cashing out and I think that’s worth remembering. If the cash out money is going to make a difference to you, then crack on I say.


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That’s the bit that has changed by betting online. The cash out option is the new dimension that has to be considered now. It’s added the cautious profitability option to betting.
 
viking said:
I’ve used this before when the first couple of legs of multiples have obliged. Sometimes it’s turned out well sometimes not.

What I try to do is have another think about the last leg or two. Would I back the same horse again based on what I now know about how the track is riding? You may have a different opinion given the multiple was probably placed several hours earlier. That needs to be weighed up considering what cash-out terms are being offered


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Yes, the bet was placed the night before. BOG and the 4th place in races of around 12-14 runners are very decent tools.
 
I never cash out either for a number of reasons. 1. I usually play golf or am out when live racing is on so watch the replays when I’m back, 2. As Matt says, I was happy when I placed the bet but most importantly for me is 3. I know friends who do and they live their lives glued to fluctuating cash out options during football bets. The constant decision making is more stress than I need.

I have on rare occasions been known to lay the last leg of a football accumulator off on the exchange’s though, which while fundamentally the same thing I guess, it will offer better value. More so when they’re a fairly short price.
 
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I think it would depend on whether it was a “serious bet” ( a bet to make money, with a bit of fun on the side) when I would cash out, or a “fun” bet (a bet to have fun, with the possibility of making money on the side) when I’d let it run - if that makes any sense :)
 
Len-on the basis of your original post this was a chronically bad decision -by my calculations the return from the win part of the bet before the last leg was 261.75 and roughly 13.07 for the place.
For the sake of 50ish quid you gave up the chance to win an additional 2625-essentially you laid the bookie 50/1 on a horse that was 8/1.
 
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Thanks, Luke. I covered the bet, but I fear I didn’t cover myself in glory. I’m not sure, tbh. I think I’ll stick to instinct and live with it. I’m not too peed off with myself for making the decision I made on Saturday.
 
LUKE said:
Len-on the basis of your original post this was a chronically bad decision -by my calculations the return from the win part of the bet before the last leg was 261.75 and roughly 13.07 for the place.
For the sake of 50ish quid you gave up the chance to win an additional 2625-essentially you laid the bookie 50/1 on a horse that was 8/1.
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Win part is £190??
 
I let my Saturday bets run, usually working or too busy to check.

With 365, I cash out my horrendously bad picked AP bets. My recent one being Envoi for the Ryanair, got my money back. Can’t have that winning a grade 1 again, let alone turning the form around against the same horses. Nice to have that option.
 
Len Madeiros said:
Thanks, Luke. I covered the bet, but I fear I didn’t cover myself in glory. I’m not sure, tbh. I think I’ll stick to instinct and live with it. I’m not too peed off with myself for making the decision I made on Saturday.
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Worst two decisions I made as a punter 1)as a skint student on Scottish National Day 1990after a serious night out I did a Lucky 15-the First 3 won at respectable prices -I told my father I regretted not putting Four Trix at 25/1in the Scottish National as my final selection -I then watched him sneak into contention before winning easily -from memory it would have earned my over 2K.
Second was Sibton Abbey in 1992 Hennessey -earning 125 a week as a trainee accountant in London I told everyone I worked with to back him at 100/1.I got him e from an incredible night at 4 a.m. And was 5 minutes late to the Hills office that morning -the 100/1had been clipped into 40s which wasn't acceptable.I walked to Ladbrokes and their 66s wasn't acceptable.I backed a different horse.That was painful.
 
I hit pay dirt by luck when I had backed Don't Push It from 60 on the machine down to all rates to 18/1. On the day I was using an AP that calculated your profit or loss in running instantly

Everytime I went to take out the profit it dropped like a stone and after 3 or 4 shots at almost getting out he dropped so low I let it ride. Lucky is not the word for it.


Lost out big time on Kauto Star on Betfair one day when I backed him at 8 or 9 for the Betfair Chase. I opted to get hout and I got the lowest price he hit on the machine that day...about 3or 4. Luckily I bet him with Hills and Ladbrokes but still felt stupid as I had been shouting him from the rooftops on a forum.
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The worst won was a cracker. I liked the name of a horse and had a fiver on at 200/1 in a novice hurde...Damned if I can remeber it's name but the story will have ben posted on heresome time ago

The price drooped on my AP and I took the profit but just as I did it dropped agin and I won the grand total of 2 quid.....the horse of course won so in affect I lost 993 pounds
 
The bug bearer in all of this is if you do an accumalter and say the first 5 win and you have 1 million (Their limit) going on to the last leg and it gets beat you get nothing

I assume that has never been tackled by the poers that be and it still applies
 
As Slim used to remind us regularly (in the days before he started bossing Racing Twitter) - never cash out.
 
Thank you all for your helpful responses, and thank you for sharing your own calamities too! I shouldn’t have cashed out is the bottom line. As Luke pointed out, I already had a guaranteed £260, so there doesn’t seem to be any point in my cashing out for £65 extra. The problem is that beer was involved - it’s always the way. I still like the idea of cautious profitability, but in this instance, it was a very ungenerous cash out option. I won’t make the same mistake again. Thanks again, all.
 
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I don't use cash out (honestly) but maybe someone can answer something which has puzzled me at times. There are many instances inc some here of trying to cash out only for the price to always disappear resulting in people not getting any of their lay on. But hypothetically what if, when trying to get (say) a shown price of 20's, you offered 16's would you be able to catch some 16's maybe even some 20's in that instance?
 
I think it all depends on your purpose for betting.

I tend not to cash out but have done so, especially if it was my intention to have the possibility at the time I made the bet, for example, if I punt a 50/1 shot which ends up at 10/1 but by then I can't see how it can really win then I'm happy to take the profit, even if it's only a small one.

I've often wondered what I would do if I had three legs up in a four-horse accie and waiting on the fourth. It's never happened but I have checked up on trebles at times with bookies who do offer cash-out and sometimes got a message saying 'cash-out not available'.
 
I (relatively successfully) have a scattergun apprach to betting on American golf. I'd tend to pick four or five viable winners in the 50++s bracket and bet these on the Exchange, typically at 70s, 80s ++Usually, not always, one of them will percolate up by Sunday afternoon and I will tend to cash out 50%. Many of these guys would be in unfamiliar territory on the back nine on Sunday, so taking a profit can be wise. Good example: I backed the Irish journeyman iSeamus Power (cf Luke!) n the PGA Barbasol earlier this year. He'd been showing up well all season, normally started 500/1+. The field was half strength, but he was still ~400s if I recall correctly. Took 50% out on Sunday morning and he won on the 6th play off hole to land the rest. The return has paid for all my golf betting for about 3 years, even without another return.
 
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One of my funniest ever betting experiences came via a cash out. I'd had roughly £200 e/w on George North to be top six nations try scorer five or six years ago. An e/w steal really as he'd have been about 6 or 7/1 at the time I guess and as 4 or so tries normally wins it he'd surely be placed.

He failed to score in the first match after playing through a concussion and was subsequently sent home for the second match.

He returned for matches 3 and 4 but still failed to get on the score sheet and then during the week leading up to the final match I was out on the lash and noticed that I was still be offered something like a tenner. Sensing this was a no-brainer and another free go, I cashed it out and (most likely) whacked it on a long priced loser.

Needless to say I'd forgot Wales were playing Italy in the final match, North went over 3 times and finished in a share of 2nd. DH rules meant I wasn't talking a lot of cash but it still gave me a wry smile.
 
tiggers1972 said:
No never cashed out.

Why bother betting if you want to cash out?
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In running I would agree because you can try and get out at say 2/1 but by the time your wager goes through you either dont get mached or you got on a 150/1 because your horses just clouted a fence and came to a halt.
 
Bet one last night @ 7/2, it's 7/4 best at the mo (fractionally more, exchange) cash back 11/10.
I get a few of these, and they're very rarely tempting.
 
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